Bitcoin [BTC] trading volumes hit record high in the crumbling economy of Venezuela

Venezuela and the world of cryptocurrencies together have been in the news constantly for the past couple of months due to multiple decisions and forays into the field. With the advent of Petro and the sovereign bolivar in the country, the government has taken radical steps to change regulations and rules surrounding cryptocurrencies.

The growing demand for cryptocurrencies in the crumbling economy was evidenced recently when Bitcoin [BTC] trading volumes hit a record high in the country. This information comes on the back of reports that stated that Sunacrip, the official cryptocurrency regulatory body in Venezuela, will start cryptocurrency taxation and remittances. On a local platform, it was calculated that 2,485 BTC were transferred during the last week while the previous week saw the transaction of 2004 BTC.

Other portals have also said that many citizens like the concept of cryptocurrencies and see it as a way to fix the economy in shambles. Venezuela is also in the middle of political controversy, one that involves incumbent President Nicolas Maduro and the US, Canada approved Juan Guido. Maduro was one of the mean reasons for the establishment of Petro and the Sovereign Bolivar.

The aforementioned Sunacrip, which controls the crypto regulations in Venezuela had also created a ripple recently when it announced 63 new decrees to decide the future of cryptocurrencies in the country. Ramirez Joselit, the Superintendent of Sunacrip had said:

“Today the constituent decree that will govern the operation of the Integral System of Crypto Assets of Venezuela was published in Official Gazette Number 41.575.”

The decrees have also been split into different articles that will entail certain aspects of cryptocurrency regulations. According to article 3:

“The scope of application of this constituent decree [covers] goods, services, values or activities related to the constitution, issuance, organization, operation and use of [the] national crypto assets and [other] crypto assets, within the national territory, as well as the purchase, sale, use, distribution and exchange of any product or service derived from them and other activities that are connected.”

Sunacrip also commented:

“[Sunacrip] will exercise the broadest powers within the legal and constitutional framework, to regulate the creation, issuance, organization, operation, and use of crypto assets, and consequently, to regulate the operation of the exchange houses and other crypto asset financial services, as well as activities associated with digital mining.